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An ACH transfer is one that uses an Automated Clearing House. Find out what an ACH payment is for and learn how to make or receive one. ACH Transfers: Everything You Need To Know
An automated clearing house (ACH) is a computer-based electronic network for processing transactions, [1] usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits .
In the United States, the ACH Network is the national automated clearing house (ACH) for electronic funds transfers established in the 1960s and 1970s. It is a financial utility owned by US banks, and is one of the largest payments networks in the United States, both by volume and by customer reach; virtually every bank account in the US, whether personal or commercial, is connected to the ...
Today, ACH is the dominant payments system in the U.S. According to the National Automated Clearing House Association (NACHA), 88 percent of W-2 employees receive their paychecks via direct deposit.
Some of the most common ways to send or receive money electronically include ACH, EFT, and wire transfers.
ACH became the primary method of electronic funds transfer [10] for agencies, businesses, and individuals to pay or collect money online, and is still commonly used today. Over the following decades, the evolution of payment technology accelerated. The first digital currency is attributed to an algorithm developed by David Chaum in 1983.
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